Ministry of Trade, Industry and Energy’s Policies for Foreign Investment Zones, etc. Jeju Special Self-Governing Province grants unique incentives to investments made on Jeju from either foreign or domestic entities. A variety of benefits such as tax reductions and the application of special cases for public properties will be granted to promote core industries of Jeju Island. The designation is available for any Jeju area by choice of the investors. Investment Promotion Zones are divided into individual-type and complex-types. The individual-type can be designated to any Jeju area as chosen by the investors, from among 27 types of industries. The complex-type can be designated by complex residents in 27 types of industries when a development project operator secures over two-thirds of the land in a recreational area or any area with a district unit plan. The complex-type can be designated among complex residents in 27 types of industries, which are the same as those for the individual-types, when a development project operator secures over two-thirds of the land in a recreational area or any area with a district unit plan. Corporate taxes and income taxes are exempted for three years, and then reduced by 50% for two years. For development project operators, corporate taxes and income taxes are reduced by 50% for three years, and then 25% for two years. Customs duties are exempted for capital goods that are imported for direct use within three years from the designation date. Comprehensive consideration of plans to engage local businesses, measures for coexistence with local communities, etc. Designee for Investment Promotion Zones should report to Jeju Special Self-Governing Province on whether to carry out investments on a biannual basis (end of August and end of February).